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So a quick about me to give you an idea to what is going on. 

I'm age 30 and  I have wanted to go to school ever since I graduated High School. But I didn't go because my parents said we didn't have the money for me to go and they didn't know about financial programs that would've made it very possible for me to go. I ended up in factory work and migrated into sales. I sold insurance and then cars for over a year. I got tired of just feeling unhappy, unfulfilled. Well I made the decision to go back to school. I have a bit of savings to cover a month or two of bills so I quit the car business so I could focus on getting everything in order for school. It was also going to be very difficult getting everything set up to go to school in a few weeks while at a car lot for 12 plus hours a day. 

My plan was to get a part time job and a student loan to help cover the portion of living expenses the part time job didn't provide for. Then the school I'm going to be attending turned everything I had figured out up to this point on it's head. They don't participate in student loans. So I began looking into a personal loan and was told that this won't work without collateral equal to the amount of the loan I needed. Not to mention the monthly payment would be above $1,000  per month because they could only offer a maximum 3 year term. I was told even though my school doesn't participate in student loan programs that I could still look into a private student loan such as Sallie Mae. 

I contacted Sallie Mae almost immediately and was told because my school does not have a working relationship with them I will not be able to get a private loan through them either. Now I have no idea what to do and was hoping someone with more knowledge/experience could help me figure this out since all of my options that looked to be good ones have turned out to be bad. 


Just to put into perspective my need for the loan. I figured out what was the minimum I can make with a part time job and subtracted it from how much I need per month and then figured out how much I would need to make up the difference  for living expenses so I can go to school full time. 

My monthly out going expenses is  $1340 and I can make around 8k per year before taxes working part time at minimum wage while going to school. So I figured $20K for the combined 2 yrs of school would cut it. Do I have any options? 

 

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You were not paying attention -- I was calling out the accuracy of your source material.  7% is way too low, but under-r... (more)

RedWolfe01 (Dec. 22, 2016 @ 9:04a) |

Didn't you go to ITT or Devry?   Not sure thats typical.   

My schools required transcripts sent directly.

jerosen (Dec. 22, 2016 @ 12:41p) |

ITT, I had transcripts from three different schools.  I suspect it depends on how many credits are being transferred in ... (more)

RedWolfe01 (Dec. 22, 2016 @ 2:49p) |

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Uh, just what college is this?

Why doesn't the school do student loans?

My understanding is that typically they aren't allowed to participate in student lending programs if their default rates are too high or the school has violated rules Either is not a good sign.

The most obvious answer is probably the one you don't want to hear:

Go to a different school.


The process of getting financial aid involves filling out a FAFSA form in order to generate a SAR, then applying to several schools to see what aid package each different school can offer you. If you didn't find out that there were no loans available until after you had chosen a school, that means you didn't apply for financial aid at all. You may need fill out all the paper work for the following year and delay your schooling by one year. Which brings me to the next thing you're not gonna want to hear:

Get a job.

You don't need to quit two months in advance to "get things together", especially when applying for financial aid was not part of the getting things together process. If you hated your previous job, fine, quit that job and find another, different, FULL TIME job. You can save up money for next year.

guitarslingerirrific said:   ....
My monthly out going expenses is a little over 16k and I can make around 8k before taxes working part time at minimum wage while going to school. So I figured $20K for the combined 2 yrs of school would cut it. Do I have any options? 

 

  

Is that a typo?

 

The college is Walter's State Community College in Morristown, TN.

I did fill out the Fafsa and I was awarded the full Pell Grant for both semesters. It wasn't until I was awarded the Pell that I was told they didn't participate in student loans. , such as

I didn't quit two months in advance. It was actually a few in weeks in advance. My fiancee and I talked about it and we have money put back that covers at least two months. We both agreed it was going to be a process and I needed to be able to concentrate on getting everything secured.

Yes that is a typo. I will edit that. It is monthly expense of $1340 or yearly is just above $16k

guitarslingerirrific said:   The college is Walter's State Community College in Morristown, TN.

...

  

OK, then.    Apparently its not too unusual for CCs to not do loans.  High default rates could cut them off from any financial aid so some apparently opt out.


How much more do you need to cover the cost of school?

What about picking up a 2nd part time job?    DO you have any assets you can sell or borrow against?

jerosen said:   
guitarslingerirrific said:   The college is Walter's State Community College in Morristown, TN.

...

  

OK, then.    Apparently its not too unusual for CCs to not do loans.  High default rates could cut them off from any financial aid so some apparently opt out.


How much more do you need to cover the cost of school?

What about picking up a 2nd part time job?    DO you have any assets you can sell or borrow against?

  I need about $10k more a year in addition to the lowest amount I could make working part time. Not saying I can't make more but I just wanted to be sure that I accounted for the worst possible scenario that way bills are always paid. I like knowing I am prepared for the lowest amount that could be earned if that is what happens. 

School is covered. It is the living expenses that are holding everything up. I, like most adults my age, have accumulated a decent amount of debt and monthly bills, I am just trying to improve my future by finally pursuing my dreams and going back to school. I have no assets at the moment. I have a car that isn't paid for. That really is about it. When it comes to physical possessions that could be of any real value at all. 

Crash with a friend on a couch and live super lean while you finish up school. Rent a room if you have no friends OK with you bumming it. I could live in Los Angeles for less than $10k a year, so in TN you should be able to do the same.

Taking loans to live off of while you go to school is almost always a bad idea.

Good for you OP, education is important and going back couldn't have been easy.

Stubtify said:   Crash with a friend on a couch and live super lean while you finish up school. Rent a room if you have no friends OK with you bumming it. I could live in Los Angeles for less than $10k a year, so in TN you should be able to do the same.

Taking loans to live off of while you go to school is almost always a bad idea.

Good for you OP, education is important and going back couldn't have been easy.

  The house I live in is paid for. I paid it off when my parents bought a new house but I just need to have the title of the house put in my name. It was just a very nice situation. 


My problem is the financial commitments I have monthly: Car payment, Car Insurance, Utilities, Groceries, phone. 


Thank you. I'm always trying to improve things for myself and my future family. 

How much do you owe on your car and what is it worth? How much are the payments.

Maybe you could sell that car and downgrade to something cheaper.

guitarslingerirrific said:     The house I live in is paid for. I paid it off when my parents bought a new house but I just need to have the title of the house put in my name. It was just a very nice situation.
 

  Can you get a roommate (or two or three)?

guitarslingerirrific said:   
Stubtify said:   Crash with a friend on a couch and live super lean while you finish up school. Rent a room if you have no friends OK with you bumming it. I could live in Los Angeles for less than $10k a year, so in TN you should be able to do the same.

Taking loans to live off of while you go to school is almost always a bad idea.

Good for you OP, education is important and going back couldn't have been easy.

  The house I live in is paid for. I paid it off when my parents bought a new house but I just need to have the title of the house put in my name. It was just a very nice situation. 


My problem is the financial commitments I have monthly: Car payment, Car Insurance, Utilities, Groceries, phone. 


Thank you. I'm always trying to improve things for myself and my future family. 

  
How about a part time job at a place that has tuition reimbursement?  Will that help, or is tuition covered and you only need living expenses?

Employers like FedEx Express offers $3k a year in tuition reimbursement, and their pay is decent.  Their hours are normally super early or in the evening, so that'll be good for a student.

Btw, good for you.

 

I have a room mate. It is my fiancee. She helps out a lot. But her money will only go so far too.

I owe $25k on the car. It isn't worth a lot. Has no equity because I am super upside down in it. I used to work insurance sales and I traveled a lot and when my previous vehicle blew up I had to have something immediately to continue working. My monthly payment is $558 and it was the only car that I could get approved for that could carry my trades negative equity. Which was a lot.

I don't know of any part time jobs in my area that offers tuition reimbursement. Where I live you either go to work at the mall or a factory pretty much. The factories around here don't offer much in the way of what I want to go back for.

Thanks btw Willy.

Not sure what your field of focus is...but have you considered online education? WGU is a great place to look into, and reasonably priced, and if you are REALLY REALLY REALLY REALLY motivated...you can complete 4 years in one term. Alternatively, look into cheap local community college to complete your AS and then look into BS options later.

I'm sorry but what is WGU? I am going for Computer Sciences. 

I am attending the local community college in less than a month. School is covered. It is the living expenses that I have accumulated over the last few years that I am trying to figure out how to cover and work part time. 

WGU has a strong CS area. I went through their program and completed a BS:IT (only slightly accelerated)
But don't take my word for it. Look for yourself.

wgu.edu

shyboi said:   WGU has a strong CS area. I went through their program and completed a BS:IT (only slightly accelerated)
But don't take my word for it. Look for https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=wgu%20site%3Afatwallet.com.

wgu.edu

  Were you able to get a great job with your degree from an online Institution? 

Instead of colleges, have you considered vocational training school or simply go get that MSCE, A+, CCNA, etc or pick up a programming book and self-study. What are you envisioning to do with your computer science degree? If it's just to land some IT support job, then you really don't need that college degree. If you plan for higher education to do research and go into engineering dept at companies, then a college degree would be critical. Once you're in the field, progressions are all based on you and not so much as your background to launch you into the position.

not fully suggesting it but at some larger universities, you could just simply go sit down in the lecture hall. Get the same book and do the same assigns. That'll work for the 101 type classes where they're large.
See here 

or go work for ibm

How much is the tuition? 2 years? 4 years?

The first question that would jump to my mind is if they are not accredited or have a history of false job placement claims (amongst other factors), they could have been involuntarily cut off from receiving federally subsidized funds. There has been a big crack down in the past few years that has driven many for profit colleges out of business.

I intend to work for a bigger company someday as a systems analyst. So the degree is definitely a requirement. I've done research on the field and it is hard to get hired without a Bachelors.


Tuition per year is something around $3-4k. Two years with a transfer path to a get my Bachelors degree.

You are doing the absolutely correct thing by starting out attending community college in your town. Also, congrats on owning the house free and clear.

a) you need to work while going to school.
b) find out what your schedule will be when school starts, and immediately get a job that will fit with that schedule.
c) immediately get a temp job for the holidays to fill in the rest of the time until school starts.
d) go on an austerity program immediately. No alcohol, no cigs, no going out, no toys, no new gadgets. Cancel the cable tv. Get the cheapest cell phone plan possible.
e) Consider taking in another person in the house you live in with your girlfriend.
f) Sell all extra stuff you have for cash
g) Consider putting off starting school for one semester until you can get a bigger cash cushion
h) Look into taking some pre-requisite community college courses online so you can work more hours

(Full disclosure, I have a masters from WGU)
1. WGU will be cheaper than community college and you can get a 4 year degree in 3 and for about 18k
you asked how they compare traditional schools, and it depends on the school. I'm not an hr person but I would think online school vs community collage would be seen as the same. If you were comparing online vs Harvard, I agree Harvard wins.
2. Usually in IT certifications are more valuable than degrees, but it depends on your goals. Go sign up for online training (ITPRO.TV is cheap and OK) Go pass a couple certs and you should be able to get your foot in the IT door.
3. If you still want to go to college, I agree with the idea of taking 1-2 years to get your finances in order. For one year find a second job, pay off the car or sell it and take the hit. Get your bills down, then you can focus on doing well at school.
just my $.02

I also agree with going to WGU, I got my BS from there at the age of 30 (I finished it in 2 years, btw). I too was concerned about if it would be well recognized. I was accepted into several top 30 law schools with that bachelors -- so I suspect that you would be fine. A bachelors is really only a "check the box" degree -- you just need to be able to say you have it. Get it as cheaply and easily as possible.

Have you considered moving to Germany, where college is free. Just living expenses, you could get a part time job to cover that.

Sell the car and get something cheaper. It probably doesn't matter that you're upside down, get whatever you can out of it.

How much equity do you have in the house? Couldn't you just get a mortgage to cover everything that you need? And once you get your degree you can build your savings back up and pay off the house.

scripta said:   Sell the car and get something cheaper. It probably doesn't matter that you're upside down, get whatever you can out of it.

How much equity do you have in the house? Couldn't you just get a mortgage to cover everything that you need? And once you get your degree you can build your savings back up and pay off the house.

  possibly on the mortgage. It is more like an mid 90's mobile home. I don't know if it would be worth much.

I did WGU also.. Had no problems finding a job, although mine was a BSN on top of an RN. They do take student loans, although it's so cheap I paid cash. 

Never heard of WGU. Be cautious.

Would seem that working more and taking part time classes is a possible answer. Or switch colleges.

Walters State website implies that they do accept financial aid...http://ws.edu/financial-aid/steps/   Even says Pell grant.

Unless you are already getting tuition covered under some other program,  and trying to use Pell grant to pay living expenses...  Something smells bad here.

Did you go to the career counselor at the school? They usually know about financial programs, like FASA.

go to college on line and work full time, no reason you can't. If you owe 25K on a car in your situation you have very bad judgement, not picking on you, it is what it is.

EradicateSpam said:   Never heard of WGU. Be cautious.

Would seem that working more and taking part time classes is a possible answer. Or switch colleges.

Walters State website implies that they do accept financial aid...http://ws.edu/financial-aid/steps/   Even says Pell grant.

Unless you are already getting tuition covered under some other program,  and trying to use Pell grant to pay living expenses...  Something smells bad here.

WGU ='Western Governors University

It's a quasi-public online university supported by the governors of a number of western states.

the school requires you to have a certain number of credits before it will accept you, and then charges a flat tuition fee per term (no matter how many credit hours you take).

WGU is not for everyone, but it's probably a much better option than any for-profit online school and I'd consider it better than many public schools.

 

I've worked for several state-level government organizations or state contractors that absolutely would not hire from any online school - even schools with a physical presence that were considered to be mostly online. It wasn't actually an official policy, but in practice anyone from an online school wasn't even considered. HR departments in those organizations had been burned several times by incompetent people from people with undergraduate degrees or MBAs from places like DeVry or University of Phoenix.Because of that I don't think its ever a good idea to get an online degree unless one of two things is true:

(1) You just need a degree from any school for a promotion and your organization doesn't care about the school, the organization is paying for the degree, and you intend to stay with that organization for a long period of time.
(2) The degree is from a school that has a large brick and mortar presence and people don't think of the school as being mostly online. Several large state research universities have online programs like this, for example Duke's online executive MBA.

I always get mass red from people with online degrees whenever I say this, but the point remains. There is a by and large a strong negative stigma associated with degrees from online-only or largely online-only schools. It tends to infuriate people with online degrees when this is brought up. Undoubtedly many of those people will reply telling me I'm wrong, saying they got their online degree from X school, and now they make $100k+ and no one questions their credentials. Those people are the exceptions, not the rule. It is not fair (because it the negative stigma doesn't really distinguish degrees from online for-profits and non-profits like WGU), but it is still what happens at many places.

Glad to see that I am not the only WGU alumni here.
Good advice was given, but it stands to be repeated.
Go to community college, knockout your gen ed classes, also while doing this take some initiative and knock out some easy basic certs A+ Net+ Sec+ ect...and low entry level MS certs.
This is important: all your previous certs will transfer in and count to your WGU degree. So if you want to save more money do all the certs you can and use WGU as a vehicle to obtain high level certs and a Degree. If you look at the cost of a boot camp WGU is cheaper and you also end up with a degree too. Anyways that was my deciding factor complete a BS in IT get MCSE and a Degree for the cost of a boot camp. I formally had an almost BS in bio, but found out I hate people in general...so a Doc path was out for me. The wife on the other hand completed that and now I stay home and raise the kiddos.

i was under the impression College was "Free",,,,at the very least you dont have pay back any loans anymore,,havent you heard,,Everthings been "Free" in this country the past 8 years..!!except speech..

Youtube




I personally think this is one of the most valuable videos for any one who is interested to attend a college!

I spoke with the financial aid advisor at the school. The do the Pell Grant but that is about as far as it goes. The words right out of her Mouth was " we don't paarticipate in student loan programs anymore." Yes I was looking for a way to make up at least half the difference in living expenses that I would make working a part time job. Not trying to get "free" money. I certainly understand the implications of what a student loan could mean. I am just trying to better myself here.


I owe $25k on a car because of an emergency situation. My vehicle that I owed 11k on blew up and was going to take 7k to fix. So I had no choice do to work obligations to get a new car. I thought I would get a used vehicle that day but I learned a lot of financing a car that day. The only thing that could carry my negative equity was a new car. I really had no choice it wasn't like my old blown up car was going to get me home. Just wanted to clarify that for whoever said I had poor judgment for owing 25k on a car. I didn't like the situation from the start but it most certainly is what it is. SPeaking from experience in the car business too. I had multiple customers in about the same situation and the only way to get them into a working car was to go to a brand new $25k+ vehicle.

Back to the topic of school. I was hoping to go full time that way I can graduate at a faster pace than going part time.

I would put off college for one year, during which both you and the fiancé work TWO jobs each. Save the entire salary from the second jobs. If the fiancé balks at this then she probably wasn't really commitment material anyway.

Skipping 84 Messages...
jerosen said:   
RedWolfe01 said:   ...
You were not paying attention -- I was calling out the accuracy of your source material.  7% is way too low, but under-reporting is fairly likely.  They can only report the number that formally request a transfer transcript and I doubt most schools bother.  (I know for a fact that my tech school did not contact UM Munich - they accepted my certified copy with the seal)  

  
Didn't you go to ITT or Devry?   Not sure thats typical.   

My schools required transcripts sent directly.  


 

  
ITT, I had transcripts from three different schools.  I suspect it depends on how many credits are being transferred in - only had a single class, Algebra from UM.  I had German from another school in Germany (military like the UM one) that didn't have anything.  Then general ed stuff from SFA -- only had like one there too.

ITT's degree requirements didn't have electives, so only direct replacement classes like Algebra counted.



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